![](\"https:\/\/taxwhatifdoctor.com\/wp-content\/uploads\/Blog-Pic-2023.03.21.png\" "\\"Tax")
<\/a><\/div>Tax Planning Often Has Bonus Benefits<\/a><\/span>Have you worked toward losing weight in the past because you want to look more attractive, or fit into an expensive wardrobe you already own? When you lose weight you often also lower your blood pressure and\/or cholesterol as a bonus. It might not be the primary motivation, but the extra benefit is of course welcome! If you are a business owner, then we pose this question. Some time ago you had an idea. Over the years your turned that idea into a successful and profitable business. Have you properly protected what you worked so hard to build?\u00a0An unexpected turn of events could put your biggest asset at risk. Did you know that moving business earnings into a qualified plan<\/p><\/div><\/li>
<\/a><\/div>Income Taxes Surprising People is Surprising! Empower Yourself!<\/a><\/span>Most people feel like their taxes are a sleeping giant. They tiptoe around them as if staying away from the topic will keep it from waking up. Then at tax time when the giant awakens, they often act as if the final tax refund or bill is a surprise. Many working people try to change their withholding to get their tax outcome \u201cdialed in\u201d, but that joy of having a refund of \u201cXYZ\u201d coming is so often way off from what was expected and they are shocked. That\u2019s because taxes are dealt with one time a year for most and their scenarios that lead to a consistent outcome change. For example, they go from no kids, to having kids. Children<\/p><\/div><\/li>
<\/a><\/div>Simple or Complex, Tax Planning is Important!<\/a><\/span>Sometimes \u201ctax planning\u201d can be easy: \u201cOpen an IRA and it reduces your taxable income.\u201d Other times it can be quite complex: \u201cCost segregation\u201d on a building means hiring an engineering firm and having a structure broken down into its many components on paper, with each value separately listed; the frame, wiring, heating systems, etc., and taking write-offs, generally much faster than simply taking a standard approach. These are both ways to lower federal or state taxes. \u00a0 For the people who have made large amounts of money or have larger estates, the year to year tax bill is not as much of a concern as the \u201cDeath Tax Bill.\u201d Planning for them can be simple or complex as well,<\/p><\/div><\/li>
<\/a><\/div>The Only Constant is Change (Especially with Taxation)<\/a><\/span>We talk a lot about people not doing tax planning and not spending more time creating the tax outcomes they want. We urge people to understand that it\u2019s within their own control and that tax outcomes can be legally and ethically manipulated. We go on and on about the benefits. \u00a0But\u2026we understand why it\u2019s so rarely done! It is because almost nothing in people\u2019s lives has more constant change than taxes, and keeping up with all the changes can be an overwhelming challenge.\u00a0What if every four years your banking rules changed, \u201cOh I\u2019m sorry John, we no longer pay you interest, now you pay us interest to keep money here.\u201d\u00a0Or \u201cNow you have to send in your mortgage payment daily,<\/p><\/div><\/li>
<\/a><\/div>Smart Business Owners Increase their Company\u2019s Sale Value Before and After Tax by Planning Ahead<\/a><\/span>Most business owners in any five year period can answer yes to at least one of these life event questions that would cause them to need to know what their company is worth. 1. Are you contemplating the sale of your business? 2. Are you working with or bringing in a partner? 3. Are you contemplating or currently going through divorce proceedings? 4. Are you potentially going to have to defend yourself or your company in court? 5. Are you looking for financing? There are other possible reasons of course, but the point is that there are many times a business owner finds himself or herself needing to obtain a proper business valuation for their company. Unfortunately, it\u2019s often an<\/p><\/div><\/li><\/ul> <\/div>